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The claim that Twitter—now X—lost about $1.5 billion in advertising revenue is an estimate-based comparison, not a confirmed accounting loss. Reuters reported Bloomberg’s projection that X would bring in about $2.5 billion in ad sales in 2023, compared with $4.7 billion over the last four quarters for which the company reported publicly. Those figures cover different periods, and X disputed the completeness and accuracy of the information behind Bloomberg’s report.
Where the $1.5 billion figure comes from
In December 2023, Reuters reported Bloomberg’s estimate that X would generate about $2.5 billion in advertising sales during 2023. The report said each of the first three quarters brought in a little over $600 million and projected a similar result for the fourth quarter. It was a forecast based on people familiar with the matter, not an audited annual figure disclosed by X. Reuters’ report on Bloomberg’s projection
Reuters also cited LSEG data showing $4.7 billion in advertising revenue over Twitter’s last four quarters as a public company. That period ran from the second half of 2021 through the first half of 2022; it was not calendar-year 2022. Subtracting the projected $2.5 billion for 2023 from that $4.7 billion reference produces a difference of about $2.2 billion, not $1.5 billion. The headline’s rounded $1.5 billion framing therefore should not be treated as a precise, like-for-like calculation from those two figures.
A separate estimate offers another comparison. The Associated Press reported that Insider Intelligence estimated X’s advertising revenue at $4.12 billion in 2022 and $1.89 billion in 2023, a projected 54% decline. These are that firm’s estimates, not audited amounts reported by X, and they form a distinct series from Bloomberg’s projection and LSEG’s public-company figure. AP’s account of Insider Intelligence’s estimates
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What the different revenue figures measure
The figures point to a steep advertising downturn, but they do not measure the same thing. Geography, time period, and method matter when comparing them.
| Figure | Scope and period | What it represents |
|---|---|---|
| About $2.5 billion | Global; projected for calendar 2023 | Bloomberg projection reported by Reuters, based on people familiar with the matter; not an audited X disclosure. |
| $4.7 billion | Global; the four quarters covering the second half of 2021 and first half of 2022 | LSEG data cited by Reuters for Twitter’s last four quarters as a public company; not calendar-year 2022. |
| $4.12 billion in 2022; $1.89 billion in 2023 | Global; calendar-year estimates | Insider Intelligence estimates reported by AP, including a projected 54% year-over-year decline. |
| At least 55% lower year over year each month; 78% lower in December 2022 and 60% lower in August 2023 | United States; monthly comparisons after the acquisition | Guideline estimates of monthly U.S. ad revenue reported by Reuters, not annual global totals. |
| 42% lower, to an estimated $53.8 million | November and December 2022 combined; top 30 advertisers | Pathmatics estimate of those advertisers’ spending reported by Reuters, not total platform revenue. |
These estimates cannot be combined into a single audited series. X was privately held and no longer publicly reported financial results in the coverage reviewed; the available figures are projections or third-party estimates. Reuters’ report republished by MarketScreener
What advertiser spending data shows
Reuters reported Pathmatics estimates that 14 of Twitter’s 30 largest advertisers stopped all advertising after Elon Musk took charge on October 27, 2022. The firm estimated that spending by those 30 advertisers fell 42% to $53.8 million across November and December combined. That is a measure of a selected group’s spending, not the platform’s total revenue. Pathmatics said its estimates did not include some forms of ad deals, promoted trends, or promoted accounts, and that incentives could make some brand-level spending higher. Amazon and SmartAsset disputed their individual estimates. Reuters’ report on top-advertiser spending
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In a separate measure, Guideline data provided to Reuters showed U.S. ad revenue at least 55% below its year-earlier level in every month after the acquisition. The reported declines reached 78% in December 2022 and stood at 60% in August 2023. These are monthly U.S. estimates; X declined to comment on the data. Reuters’ report on Guideline’s U.S. estimates
Why advertisers pulled back—and what the evidence establishes
Brand-safety concerns were among the reported reasons advertisers paused or reduced spending, but the available reporting does not establish one cause for the overall revenue decline. Reuters said the advertising drop had begun in September 2022, before Musk completed the acquisition, after reporting that promotions appeared alongside tweets soliciting child pornography. AT&T said it paused advertising because of concerns about its ads appearing next to such content.
Reuters also described rapid platform changes around the November 2022 advertiser pullback, including the reinstatement of suspended accounts and paid verification that enabled impersonation. These developments form part of the context, but do not prove that any single decision caused the full decline. The estimates measure revenue or spending outcomes; they do not isolate the effect of each event.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How X responded, and what Musk said about cash flow
Responding to Bloomberg’s report in December 2023, X business operations head Joe Benarroch told Reuters that it “presents an incomplete view of our entire business, as the sources Bloomberg relied on for information are not providing accurate and comprehensive details”. That is X’s objection to the sourcing; it does not, by itself, establish that the projection was false.
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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →In July 2023, Musk said, “We’re still negative cash flow,” citing a nearly 50% decline in advertising revenue and heavy debt, according to AP. AP also reported that some advertisers had returned but were spending less than before. Cash flow, advertising revenue, total revenue, and net income are different measures: an estimate of ad sales alone does not establish X’s overall financial result. AP’s report on Musk’s comments and the revenue estimates
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What can—and cannot—be concluded
- Multiple sources estimated a substantial decline in X advertising, but their figures cover different periods and scopes.
- The approximately $1.5 billion headline claim is not a verified loss disclosed in audited accounts; the Reuters-reported Bloomberg projection and LSEG reference period do not produce that exact difference.
- Advertiser pullbacks and steep U.S. monthly declines are supported by third-party estimates, each with defined limitations.
- The reviewed reporting does not establish X’s current 2026 advertising revenue or a single cause for the downturn.
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